{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-140.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-140.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-140.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-140.html"}],"law_id":73949,"edition_id":1,"section_id":73949,"structure_id":13423,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","history":"Code 1950, \u00a7 62-106.12; 1954, c. 667; 1958, cc. 174, 488; 1968, c. 659; 1972, c. 423; 1981, cc. 589, 590; 1991, c. 246; 1993, c. 656.","full_text":"A\n\nAs used in this section and in §§ 62.1-141 through 62.1-146, the term “port facility” means harbors, seaports and all facilities used in connection therewith and shall include all those facilities named in §§ 62.1-132.18 and 62.1-132.19.\n\t\t\tThe term “cost” as used in this chapter embraces the cost of construction, the cost of the acquisition of all land, rights-of-way, property, rights, easements and interests acquired by the Authority for such construction, the cost of all machinery and equipment, financing charges, interest prior to and during construction and, if deemed advisable by the Authority, for one year after completion of construction, engineering and legal expenses, cost of plans, specifications, surveys and estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of constructing any port facility, administrative expense, the creation of a working capital fund for placing the port facility in operation and such other expense as may be necessary or incident to the construction of such port facility, the financing of such construction and the placing of the same in operation.\n\t\t\tThe term “bonds” as used in this chapter means obligations of the Authority for the payment of borrowed money. For purposes of the limitations imposed by subsections B and C of § 62.1-140, contingent obligations to reimburse providers for amounts drawn under credit facilities, letters of credit, lines of credit, guarantees, standby bond purchase agreements, or other credit or liquidity enhancement facilities, including any such enhancement facility obtained by the Authority for deposit into any reserve account or fund relating to any bonds, shall not constitute bonds.\n\t\t\tFor purposes of the limitations imposed by subsections B and C of § 62.1-140, the term “revenue bonds” means bonds for which only the revenues of port facilities are pledged to the payment of the principal of and interest on said bonds.B\n\nThe Authority is hereby authorized to provide by resolution for the issuance, at one time or from time to time, of bonds of the Authority for the purpose of paying all or any part of the cost of any Authority project for the acquisition, construction, reconstruction or control of port facilities or of any portion or portions thereof, provided that the total principal amount of bonds, including refunding bonds, outstanding at any time shall not exceed $200 million, excluding from such limit any revenue bonds.\n\t\t\tAll of the bonds of one or more series of the bonds of the Authority at any time outstanding may be refunded by the Authority by the issuance of its refunding bonds in such amount as the Authority may deem necessary, but not exceeding an amount sufficient to provide for the payment of the principal of the bonds so to be refunded, together with all unpaid interest accrued and to accrue and with any redemption premium thereon and all costs and expenses incident to the authorization and issuance of such bonds as determined by the Authority. The proceeds of any such refunding bonds may, in the discretion of the Authority, be applied to the purchase or retirement at maturity or redemption of such outstanding revenue bonds either on their earliest or any subsequent redemption date or upon the purchase or at the maturity thereof, and may, pending such application, be placed in trust in accordance with the provisions of § 62.1-143 of this chapter to be applied to such purchase or retirement at maturity or redemption on such date as may be determined by the Authority. All refunding bonds may have all of the attributes of revenue bonds to the extent that such other provisions of this chapter relating to revenue bonds may be applicable to refunding bonds.C\n\nThe principal of and the interest on all bonds issued by the Authority pursuant to the provisions of this chapter shall be payable solely from the funds herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at the prevailing rate of interest at the time, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth.\n\t\t\tAll bonds shall be signed by the Executive Director of the Authority or shall bear his facsimile signature, and the official seal of the Authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary of the Authority, and any coupons attached thereto shall bear the facsimile signature of the Executive Director of the Authority. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The Authority may sell such bonds in such manner, either at public or private sale, and for such price, as it may determine will best effect the purposes of this chapter.\n\t\t\tThe proceeds of the bonds of each issue shall be used solely for the payment of the cost of acquisition, construction, reconstruction and control of port facilities or the portion thereof for which such bonds shall have been issued, or, in the case of refunding bonds, to refund such bonds including any unpaid interest accrued and to accrue and any redemption premium thereon and all costs and expenses incident to the authorization and issuance of such bonds as shall be determined by the Authority upon the issuance of such refunding bonds, and shall be disbursed in such manner and under such restrictions, if any, as the Authority may provide in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit, and unless otherwise provided in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or, if such bonds shall have been issued for paying the cost of a portion of the project, such surplus may be applied to the payment of the cost of any remaining portion of the project.\n\t\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost.\n\t\t\tThe Authority shall not issue any bonds, other than revenue bonds or any refunding bonds issued by the Authority pursuant to the second paragraph of subsection B of \u00a7 62.1-140, which are not specifically authorized by a bill or resolution passed by a majority vote of those elected to each house of the General Assembly. Refunding bonds may only be issued with the consent of the Governor. However, the Governor, in his sole discretion, may approve bonds which have not been authorized by the General Assembly if such bonds are to finance capital projects that emerge between legislative sessions, provided the debt is required to stimulate commerce consistent with \u00a7 62.1-132.3 and provided that:1\n\nThe total amount of such bonds added to the total amount of Virginia Port Authority bonds currently authorized does not exceed the limit in § 62.1-140 B;2\n\nFunds are available within the appropriations, if needed, without adverse effect on other projects or programs, or from unappropriated nongeneral fund revenues or balances;3\n\nIn the Governor’s opinion such action may result in a measurable benefit to the Commonwealth;4\n\nThe authorization includes a detailed description of the project, the project need, the total project costs, the estimated operating costs, and the fund sources for the project and its operating costs;5\n\nThe requirements of Chapter 11.1 (§ 10.1-1182 et seq.), Title 10.1, regarding environmental impact statements, will be met as a precondition for the approval of the project; and6\n\nThe authorization of any such debt as provided for in this section shall be promptly communicated to the Chairmen of the House Appropriations and Senate Finance Committees.","order_by":null,"text":{"0":{"id":265975,"text":"As used in this section and in §§ 62.1-141 through 62.1-146, the term “port facility” means harbors, seaports and all facilities used in connection therewith and shall include all those facilities named in §§ 62.1-132.18 and 62.1-132.19.\n\t\t\tThe term “cost” as used in this chapter embraces the cost of construction, the cost of the acquisition of all land, rights-of-way, property, rights, easements and interests acquired by the Authority for such construction, the cost of all machinery and equipment, financing charges, interest prior to and during construction and, if deemed advisable by the Authority, for one year after completion of construction, engineering and legal expenses, cost of plans, specifications, surveys and estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of constructing any port facility, administrative expense, the creation of a working capital fund for placing the port facility in operation and such other expense as may be necessary or incident to the construction of such port facility, the financing of such construction and the placing of the same in operation.\n\t\t\tThe term “bonds” as used in this chapter means obligations of the Authority for the payment of borrowed money. For purposes of the limitations imposed by subsections B and C of § 62.1-140, contingent obligations to reimburse providers for amounts drawn under credit facilities, letters of credit, lines of credit, guarantees, standby bond purchase agreements, or other credit or liquidity enhancement facilities, including any such enhancement facility obtained by the Authority for deposit into any reserve account or fund relating to any bonds, shall not constitute bonds.\n\t\t\tFor purposes of the limitations imposed by subsections B and C of § 62.1-140, the term “revenue bonds” means bonds for which only the revenues of port facilities are pledged to the payment of the principal of and interest on said bonds.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":265976,"text":"The Authority is hereby authorized to provide by resolution for the issuance, at one time or from time to time, of bonds of the Authority for the purpose of paying all or any part of the cost of any Authority project for the acquisition, construction, reconstruction or control of port facilities or of any portion or portions thereof, provided that the total principal amount of bonds, including refunding bonds, outstanding at any time shall not exceed $200 million, excluding from such limit any revenue bonds.\n\t\t\tAll of the bonds of one or more series of the bonds of the Authority at any time outstanding may be refunded by the Authority by the issuance of its refunding bonds in such amount as the Authority may deem necessary, but not exceeding an amount sufficient to provide for the payment of the principal of the bonds so to be refunded, together with all unpaid interest accrued and to accrue and with any redemption premium thereon and all costs and expenses incident to the authorization and issuance of such bonds as determined by the Authority. The proceeds of any such refunding bonds may, in the discretion of the Authority, be applied to the purchase or retirement at maturity or redemption of such outstanding revenue bonds either on their earliest or any subsequent redemption date or upon the purchase or at the maturity thereof, and may, pending such application, be placed in trust in accordance with the provisions of § 62.1-143 of this chapter to be applied to such purchase or retirement at maturity or redemption on such date as may be determined by the Authority. All refunding bonds may have all of the attributes of revenue bonds to the extent that such other provisions of this chapter relating to revenue bonds may be applicable to refunding bonds.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":265977,"text":"The principal of and the interest on all bonds issued by the Authority pursuant to the provisions of this chapter shall be payable solely from the funds herein provided for such payment. The bonds of each issue shall be dated, shall bear interest at the prevailing rate of interest at the time, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth.\n\t\t\tAll bonds shall be signed by the Executive Director of the Authority or shall bear his facsimile signature, and the official seal of the Authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary of the Authority, and any coupons attached thereto shall bear the facsimile signature of the Executive Director of the Authority. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The Authority may sell such bonds in such manner, either at public or private sale, and for such price, as it may determine will best effect the purposes of this chapter.\n\t\t\tThe proceeds of the bonds of each issue shall be used solely for the payment of the cost of acquisition, construction, reconstruction and control of port facilities or the portion thereof for which such bonds shall have been issued, or, in the case of refunding bonds, to refund such bonds including any unpaid interest accrued and to accrue and any redemption premium thereon and all costs and expenses incident to the authorization and issuance of such bonds as shall be determined by the Authority upon the issuance of such refunding bonds, and shall be disbursed in such manner and under such restrictions, if any, as the Authority may provide in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit, and unless otherwise provided in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or, if such bonds shall have been issued for paying the cost of a portion of the project, such surplus may be applied to the payment of the cost of any remaining portion of the project.\n\t\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost.\n\t\t\tThe Authority shall not issue any bonds, other than revenue bonds or any refunding bonds issued by the Authority pursuant to the second paragraph of subsection B of \u00a7 62.1-140, which are not specifically authorized by a bill or resolution passed by a majority vote of those elected to each house of the General Assembly. Refunding bonds may only be issued with the consent of the Governor. However, the Governor, in his sole discretion, may approve bonds which have not been authorized by the General Assembly if such bonds are to finance capital projects that emerge between legislative sessions, provided the debt is required to stimulate commerce consistent with \u00a7 62.1-132.3 and provided that:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":265978,"text":"The total amount of such bonds added to the total amount of Virginia Port Authority bonds currently authorized does not exceed the limit in § 62.1-140 B;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":265979,"text":"Funds are available within the appropriations, if needed, without adverse effect on other projects or programs, or from unappropriated nongeneral fund revenues or balances;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"5":{"id":265980,"text":"In the Governor’s opinion such action may result in a measurable benefit to the Commonwealth;","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"6":{"id":265981,"text":"The authorization includes a detailed description of the project, the project need, the total project costs, the estimated operating costs, and the fund sources for the project and its operating costs;","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"C5"},"7":{"id":265982,"text":"The requirements of Chapter 11.1 (§ 10.1-1182 et seq.), Title 10.1, regarding environmental impact statements, will be met as a precondition for the approval of the project; and","type":"section","prefixes":["C","5"],"prefix":"5","entire_prefix":"C5","prefix_anchor":"C5","level":2,"prior_prefix":"C4","next_prefix":"C6"},"8":{"id":265983,"text":"The authorization of any such debt as provided for in this section shall be promptly communicated to the Chairmen of the House Appropriations and Senate Finance Committees.","type":"section","prefixes":["C","6"],"prefix":"6","entire_prefix":"C6","prefix_anchor":"C6","level":2,"prior_prefix":"C5"}},"ancestry":[{"id":13423,"edition_id":1,"name":"Virginia Port Authority","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":268231,"object_type":"structure","relational_id":13423,"identifier":"10","token":"62.1\/10","url":"\/62.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63656,"structure_id":13423,"section_number":"62.1-128","catch_line":"Authority created","url":"\/62.1-128\/","token":"62.1\/10\/62.1-128","metadata":false},{"id":65543,"structure_id":13423,"section_number":"62.1-129","catch_line":"Board of Commissioners; members and officers; Executive Director; agents and employees","url":"\/62.1-129\/","token":"62.1\/10\/62.1-129","metadata":false},{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},{"id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","metadata":false},{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},{"id":59763,"structure_id":13423,"section_number":"62.1-131","catch_line":"Office and branch offices; title to property","url":"\/62.1-131\/","token":"62.1\/10\/62.1-131","metadata":false},{"id":66040,"structure_id":13423,"section_number":"62.1-132","catch_line":"Local authorities subordinate to Authority","url":"\/62.1-132\/","token":"62.1\/10\/62.1-132","metadata":false},{"id":72875,"structure_id":13423,"section_number":"62.1-132.1","catch_line":"General powers","url":"\/62.1-132.1\/","token":"62.1\/10\/62.1-132.1","metadata":false},{"id":84095,"structure_id":13423,"section_number":"62.1-132.10","catch_line":"Publications of Authority","url":"\/62.1-132.10\/","token":"62.1\/10\/62.1-132.10","metadata":false},{"id":66130,"structure_id":13423,"section_number":"62.1-132.11","catch_line":"Police powers; penalties","url":"\/62.1-132.11\/","token":"62.1\/10\/62.1-132.11","metadata":false},{"id":73248,"structure_id":13423,"section_number":"62.1-132.11:1","catch_line":"Prevention and suppression of fire","url":"\/62.1-132.11_1\/","token":"62.1\/10\/62.1-132.11_1","metadata":false},{"id":55570,"structure_id":13423,"section_number":"62.1-132.11:2","catch_line":"Repealed","url":"\/62.1-132.11_2\/","token":"62.1\/10\/62.1-132.11_2","metadata":false},{"id":58810,"structure_id":13423,"section_number":"62.1-132.12","catch_line":"Employment, jurisdiction, and power of special police officers","url":"\/62.1-132.12\/","token":"62.1\/10\/62.1-132.12","metadata":false},{"id":79088,"structure_id":13423,"section_number":"62.1-132.12:1","catch_line":"Agreements with private terminal operators","url":"\/62.1-132.12_1\/","token":"62.1\/10\/62.1-132.12_1","metadata":false},{"id":71336,"structure_id":13423,"section_number":"62.1-132.13","catch_line":"Cooperation with federal agencies","url":"\/62.1-132.13\/","token":"62.1\/10\/62.1-132.13","metadata":false},{"id":62138,"structure_id":13423,"section_number":"62.1-132.14","catch_line":"Agreement of local cooperation with Corps of Engineers","url":"\/62.1-132.14\/","token":"62.1\/10\/62.1-132.14","metadata":false},{"id":70483,"structure_id":13423,"section_number":"62.1-132.15","catch_line":"Grants and loans from federal agencies","url":"\/62.1-132.15\/","token":"62.1\/10\/62.1-132.15","metadata":false},{"id":77199,"structure_id":13423,"section_number":"62.1-132.16","catch_line":"Fees and charges","url":"\/62.1-132.16\/","token":"62.1\/10\/62.1-132.16","metadata":false},{"id":55559,"structure_id":13423,"section_number":"62.1-132.17","catch_line":"Grants of funds and property","url":"\/62.1-132.17\/","token":"62.1\/10\/62.1-132.17","metadata":false},{"id":58305,"structure_id":13423,"section_number":"62.1-132.18","catch_line":"Acquisition of property","url":"\/62.1-132.18\/","token":"62.1\/10\/62.1-132.18","metadata":false},{"id":75598,"structure_id":13423,"section_number":"62.1-132.19","catch_line":"Acquisition and lease of property","url":"\/62.1-132.19\/","token":"62.1\/10\/62.1-132.19","metadata":false},{"id":55163,"structure_id":13423,"section_number":"62.1-132.2","catch_line":"Bylaws and organization","url":"\/62.1-132.2\/","token":"62.1\/10\/62.1-132.2","metadata":false},{"id":70256,"structure_id":13423,"section_number":"62.1-132.20","catch_line":"Craney Island Disposal Area","url":"\/62.1-132.20\/","token":"62.1\/10\/62.1-132.20","metadata":false},{"id":82030,"structure_id":13423,"section_number":"62.1-132.3","catch_line":"Stimulation of commerce","url":"\/62.1-132.3\/","token":"62.1\/10\/62.1-132.3","metadata":false},{"id":74558,"structure_id":13423,"section_number":"62.1-132.3:1","catch_line":"Port Opportunity Fund","url":"\/62.1-132.3_1\/","token":"62.1\/10\/62.1-132.3_1","metadata":false},{"id":74633,"structure_id":13423,"section_number":"62.1-132.3:2","catch_line":"Port of Virginia Economic and Infrastructure Development Grant Fund and Program","url":"\/62.1-132.3_2\/","token":"62.1\/10\/62.1-132.3_2","metadata":false},{"id":65940,"structure_id":13423,"section_number":"62.1-132.3:2.1","catch_line":"Port of Virginia Economic Development Grant Program and Fund","url":"\/62.1-132.3_2.1\/","token":"62.1\/10\/62.1-132.3_2.1","metadata":false},{"id":66782,"structure_id":13423,"section_number":"62.1-132.3:2.2","catch_line":"Economic and Infrastructure Development Grant Program","url":"\/62.1-132.3_2.2\/","token":"62.1\/10\/62.1-132.3_2.2","metadata":false},{"id":61424,"structure_id":13423,"section_number":"62.1-132.3:2.3","catch_line":"International Trade Facility Grant Program","url":"\/62.1-132.3_2.3\/","token":"62.1\/10\/62.1-132.3_2.3","metadata":false},{"id":60824,"structure_id":13423,"section_number":"62.1-132.3:3","catch_line":"Repealed","url":"\/62.1-132.3_3\/","token":"62.1\/10\/62.1-132.3_3","metadata":false},{"id":74936,"structure_id":13423,"section_number":"62.1-132.3:4","catch_line":"Repealed","url":"\/62.1-132.3_4\/","token":"62.1\/10\/62.1-132.3_4","metadata":false},{"id":68294,"structure_id":13423,"section_number":"62.1-132.3:5","catch_line":"Virginia Port Volume Increase Grant Program and Fund","url":"\/62.1-132.3_5\/","token":"62.1\/10\/62.1-132.3_5","metadata":false},{"id":60724,"structure_id":13423,"section_number":"62.1-132.3:6","catch_line":"Virginia Barge and Rail Usage Grant Program and Fund","url":"\/62.1-132.3_6\/","token":"62.1\/10\/62.1-132.3_6","metadata":false},{"id":59335,"structure_id":13423,"section_number":"62.1-132.4","catch_line":"Rates and rate structures","url":"\/62.1-132.4\/","token":"62.1\/10\/62.1-132.4","metadata":false},{"id":68637,"structure_id":13423,"section_number":"62.1-132.5","catch_line":"Planning","url":"\/62.1-132.5\/","token":"62.1\/10\/62.1-132.5","metadata":false},{"id":64542,"structure_id":13423,"section_number":"62.1-132.6","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/62.1-132.6\/","token":"62.1\/10\/62.1-132.6","metadata":false},{"id":83007,"structure_id":13423,"section_number":"62.1-132.7","catch_line":"Employment of personnel and legal counsel","url":"\/62.1-132.7\/","token":"62.1\/10\/62.1-132.7","metadata":false},{"id":57001,"structure_id":13423,"section_number":"62.1-132.8","catch_line":"Consolidation of terminal operations","url":"\/62.1-132.8\/","token":"62.1\/10\/62.1-132.8","metadata":false},{"id":64190,"structure_id":13423,"section_number":"62.1-132.9","catch_line":"Foreign trade zones","url":"\/62.1-132.9\/","token":"62.1\/10\/62.1-132.9","metadata":false},{"id":54391,"structure_id":13423,"section_number":"62.1-133","catch_line":"Repealed","url":"\/62.1-133\/","token":"62.1\/10\/62.1-133","metadata":false},{"id":87260,"structure_id":13423,"section_number":"62.1-134.1","catch_line":"Expediting shipment of coal","url":"\/62.1-134.1\/","token":"62.1\/10\/62.1-134.1","metadata":false},{"id":60040,"structure_id":13423,"section_number":"62.1-135","catch_line":"Repealed","url":"\/62.1-135\/","token":"62.1\/10\/62.1-135","metadata":false},{"id":61303,"structure_id":13423,"section_number":"62.1-136","catch_line":"Power of eminent domain","url":"\/62.1-136\/","token":"62.1\/10\/62.1-136","metadata":false},{"id":59095,"structure_id":13423,"section_number":"62.1-137","catch_line":"Repealed","url":"\/62.1-137\/","token":"62.1\/10\/62.1-137","metadata":false},{"id":64416,"structure_id":13423,"section_number":"62.1-138","catch_line":"Powers of State Corporation Commission not affected","url":"\/62.1-138\/","token":"62.1\/10\/62.1-138","metadata":false},{"id":68654,"structure_id":13423,"section_number":"62.1-139","catch_line":"Forms of accounts and records; annual report","url":"\/62.1-139\/","token":"62.1\/10\/62.1-139","metadata":false},{"id":73949,"structure_id":13423,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","url":"\/62.1-140\/","token":"62.1\/10\/62.1-140","metadata":false},{"id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","metadata":false},{"id":65807,"structure_id":13423,"section_number":"62.1-142","catch_line":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","url":"\/62.1-142\/","token":"62.1\/10\/62.1-142","metadata":false},{"id":85615,"structure_id":13423,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","url":"\/62.1-143\/","token":"62.1\/10\/62.1-143","metadata":false},{"id":59355,"structure_id":13423,"section_number":"62.1-144","catch_line":"Remedies of bondholders and trustee","url":"\/62.1-144\/","token":"62.1\/10\/62.1-144","metadata":false},{"id":61528,"structure_id":13423,"section_number":"62.1-145","catch_line":"Exercise of powers constitutes governmental functions; exemption from taxation","url":"\/62.1-145\/","token":"62.1\/10\/62.1-145","metadata":false},{"id":79491,"structure_id":13423,"section_number":"62.1-146","catch_line":"Bonds as legal investments","url":"\/62.1-146\/","token":"62.1\/10\/62.1-146","metadata":false},{"id":81613,"structure_id":13423,"section_number":"62.1-147","catch_line":"Bonds not debt or pledge of credit of Commonwealth or political subdivision; payment of expenses","url":"\/62.1-147\/","token":"62.1\/10\/62.1-147","metadata":false},{"id":61142,"structure_id":13423,"section_number":"62.1-147.1","catch_line":"Legalization of prior actions","url":"\/62.1-147.1\/","token":"62.1\/10\/62.1-147.1","metadata":false},{"id":78024,"structure_id":13423,"section_number":"62.1-147.1:1","catch_line":"Exemption of Authority from certain technology procedures","url":"\/62.1-147.1_1\/","token":"62.1\/10\/62.1-147.1_1","metadata":false},{"id":58848,"structure_id":13423,"section_number":"62.1-147.2","catch_line":"Chapter liberally construed","url":"\/62.1-147.2\/","token":"62.1\/10\/62.1-147.2","metadata":false}],"previous_section":{"id":68654,"structure_id":13423,"section_number":"62.1-139","catch_line":"Forms of accounts and records; annual report","url":"\/62.1-139\/","token":"62.1\/10\/62.1-139","metadata":false},"next_section":{"id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-140\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 7 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1954, chapter 667; in 1958, chapters 174 and 488; in 1968, chapter 659; in 1972, chapter 423; in 1981, chapters 589 and 590; in 1991, chapter 246; in 1993, chapter 656.<\/p>","references":[{"id":71783,"section_number":"33.2-1802","catch_line":"Prerequisite for operation","order_by":null,"url":"\/33.2-1802\/"},{"id":69110,"section_number":"58.1-816","catch_line":"(Contingent effective date \u2014 see Acts 2020, cc. 1241 and 1281) Distribution of recordation tax to cities and counties","order_by":null,"url":"\/58.1-816\/"},{"id":73949,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","order_by":null,"url":"\/62.1-140\/"}],"refers_to":[{"id":56886,"section_number":"10.1-1182","catch_line":"Definitions","order_by":null,"url":"\/10.1-1182\/"},{"id":58305,"section_number":"62.1-132.18","catch_line":"Acquisition of property","order_by":null,"url":"\/62.1-132.18\/"},{"id":75598,"section_number":"62.1-132.19","catch_line":"Acquisition and lease of property","order_by":null,"url":"\/62.1-132.19\/"},{"id":82030,"section_number":"62.1-132.3","catch_line":"Stimulation of commerce","order_by":null,"url":"\/62.1-132.3\/"},{"id":73949,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","order_by":null,"url":"\/62.1-140\/"},{"id":71611,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","order_by":null,"url":"\/62.1-141\/"},{"id":85615,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","order_by":null,"url":"\/62.1-143\/"},{"id":79491,"section_number":"62.1-146","catch_line":"Bonds as legal investments","order_by":null,"url":"\/62.1-146\/"}],"permalink":{"id":268417,"object_type":"law","relational_id":73949,"identifier":"62.1-140","token":"62.1\/10\/62.1-140","url":"\/62.1-140\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-140\/","token":"62.1\/10\/62.1-140","dublin_core":{"Title":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-140","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section and in §§ 62.1-141<\/a> through 62.1-146<\/a>, the term “port facility<\/span>” means harbors, seaports and all facilities used in connection therewith and shall include all those facilities named in §§ 62.1-132.18<\/a> and 62.1-132.19<\/a>.\n\t\t\tThe term “cost” as used in this chapter embraces the cost of construction, the cost of the acquisition of all land, rights-of-way, property, rights, easements and interests acquired by the Authority for such construction, the cost of all machinery and equipment, financing charges, interest prior to and during construction and, if deemed advisable by the Authority, for one year after completion of construction, engineering and legal expenses, cost of plans, specifications, surveys and estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of constructing any port facility<\/span>, administrative expense, the creation of a working capital fund for placing the port facility<\/span> in operation and such other expense as may be necessary or incident to the construction of such port facility<\/span>, the financing of such construction and the placing of the same in operation.\n\t\t\tThe term “bonds” as used in this chapter means obligations of the Authority for the payment of borrowed money. For purposes of the limitations imposed by subsections B and C of § 62.1-140<\/a>, contingent obligations to reimburse providers for amounts drawn under credit facilities, letters of credit, lines of credit, guarantees, standby bond<\/span> purchase agreements, or other credit or liquidity enhancement facilities, including any such enhancement facility obtained by the Authority for deposit into any reserve account or fund relating to any bonds, shall not constitute bonds.\n\t\t\tFor purposes of the limitations imposed by subsections B and C of § 62.1-140<\/a>, the term “revenue bonds<\/span>” means bonds for which only the revenues of port facilities are pledged to the payment of the principal of and interest on said bonds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority is hereby authorized to provide by resolution for the issuance, at one time or from time to time, of bonds of the Authority for the purpose of paying all or any part of the cost of any Authority project for the acquisition, construction, reconstruction or control of port facilities or of any portion or portions thereof, provided that the total principal amount of bonds, including refunding bonds, outstanding at any time shall not exceed $200 million, excluding from such limit any revenue bonds<\/span>.\n\t\t\tAll of the bonds of one or more series of the bonds of the Authority at any time outstanding may be refunded by the Authority by the issuance of its refunding bonds in such amount as the Authority may deem necessary, but not exceeding an amount sufficient to provide for the payment of the principal of the bonds so to be refunded, together with all unpaid interest accrued and to accrue and with any redemption<\/span> premium thereon and all costs and expenses incident to the authorization and issuance of such bonds as determined by the Authority. The proceeds of any such refunding bonds may, in the discretion of the Authority, be applied to the purchase or retirement at maturity or redemption<\/span> of such outstanding revenue bonds<\/span> either on their earliest or any subsequent redemption<\/span> date or upon the purchase or at the maturity thereof, and may, pending such application, be placed in trust in accordance with the provisions of § 62.1-143<\/a> of this chapter to be applied to such purchase or retirement at maturity or redemption<\/span> on such date as may be determined by the Authority. All refunding bonds may have all of the attributes of revenue bonds<\/span> to the extent that such other provisions of this chapter relating to revenue bonds<\/span> may be applicable to refunding bonds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The principal of and the interest on all bonds issued by the Authority pursuant to the provisions of this chapter shall be payable solely from the funds herein provided for such payment. The bonds of each issue<\/span> shall be dated, shall bear interest at the prevailing rate of interest at the time, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth.\n\t\t\tAll bonds shall be signed by the Executive Director of the Authority or shall bear his facsimile signature, and the official seal of the Authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary of the Authority, and any coupons attached thereto shall bear the facsimile signature of the Executive Director of the Authority. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law<\/span> of the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The Authority may sell such bonds in such manner, either at public or private sale, and for such price, as it may determine will best effect the purposes of this chapter.\n\t\t\tThe proceeds of the bonds of each issue<\/span> shall be used solely for the payment of the cost of acquisition, construction, reconstruction and control of port facilities or the portion thereof for which such bonds shall have been issued, or, in the case of refunding bonds, to refund such bonds including any unpaid interest accrued and to accrue and any redemption<\/span> premium thereon and all costs and expenses incident to the authorization and issuance of such bonds as shall be determined by the Authority upon the issuance of such refunding bonds, and shall be disbursed in such manner and under such restrictions, if any, as the Authority may provide in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the bonds of any issue<\/span>, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit, and unless otherwise provided in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be deemed to be of the same issue<\/span> and shall be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue<\/span> shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or, if such bonds shall have been issued for paying the cost of a portion of the project, such surplus may be applied to the payment of the cost of any remaining portion of the project.\n\t\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions, issue<\/span> interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost.\n\t\t\tThe Authority shall not issue<\/span> any bonds, other than revenue bonds<\/span> or any refunding bonds issued by the Authority pursuant to the second paragraph of subsection B of \u00a7 62.1-140<\/a>, which are not specifically authorized by a bill or resolution passed by a majority vote of those elected to each house of the General Assembly. Refunding bonds may only be issued with the consent of the Governor. However, the Governor, in his sole discretion, may approve bonds which have not been authorized by the General Assembly if such bonds are to finance capital projects that emerge between legislative sessions, provided the debt is required to stimulate commerce consistent with \u00a7 62.1-132.3<\/a> and provided that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The total amount of such bonds added to the total amount of Virginia Port Authority bonds currently authorized does not exceed the limit in § 62.1-140<\/a> B; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Funds are available within the appropriations, if needed, without adverse effect on other projects or programs, or from unappropriated nongeneral fund revenues or balances; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> In the Governor’s opinion<\/span> such action may result in a measurable benefit to the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The authorization includes a detailed description of the project, the project need, the total project costs, the estimated operating costs, and the fund sources for the project and its operating costs; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The requirements of Chapter 11.1 (§ 10.1-1182<\/a> et seq.), Title 10.1, regarding environmental impact statements, will be met as a precondition for the approval of the project; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The authorization of any such debt as provided for in this section shall be promptly communicated to the Chairmen of the House Appropriations and Senate Finance Committees. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS; BOND RESOLUTION; FORM AND REQUISITES OF BONDS; SALE AND DISPOSITION\nOF PROCEEDS; TEMPORARY BONDS (\u00a7 62.1-140)\n\nA. As used in this section and in §§ 62.1-141 through 62.1-146, the\nterm “port facility” means harbors, seaports and all facilities used\nin connection therewith and shall include all those facilities named in\n§§ 62.1-132.18 and 62.1-132.19.\n\t\t\tThe term “cost” as used in this chapter embraces the cost of\nconstruction, the cost of the acquisition of all land, rights-of-way, property,\nrights, easements and interests acquired by the Authority for such construction,\nthe cost of all machinery and equipment, financing charges, interest prior to\nand during construction and, if deemed advisable by the Authority, for one year\nafter completion of construction, engineering and legal expenses, cost of plans,\nspecifications, surveys and estimates of cost and of revenues, other expenses\nnecessary or incident to determining the feasibility or practicability of\nconstructing any port facility, administrative expense, the creation of a\nworking capital fund for placing the port facility in operation and such other\nexpense as may be necessary or incident to the construction of such port\nfacility, the financing of such construction and the placing of the same in\noperation.\n\t\t\tThe term “bonds” as used in this chapter means obligations of the\nAuthority for the payment of borrowed money. For purposes of the limitations\nimposed by subsections B and C of § 62.1-140, contingent obligations to\nreimburse providers for amounts drawn under credit facilities, letters of\ncredit, lines of credit, guarantees, standby bond purchase agreements, or other\ncredit or liquidity enhancement facilities, including any such enhancement\nfacility obtained by the Authority for deposit into any reserve account or fund\nrelating to any bonds, shall not constitute bonds.\n\t\t\tFor purposes of the limitations imposed by subsections B and C of §\n62.1-140, the term “revenue bonds” means bonds for which only the\nrevenues of port facilities are pledged to the payment of the principal of and\ninterest on said bonds.\n\nB. The Authority is hereby authorized to provide by resolution for the issuance,\nat one time or from time to time, of bonds of the Authority for the purpose of\npaying all or any part of the cost of any Authority project for the acquisition,\nconstruction, reconstruction or control of port facilities or of any portion or\nportions thereof, provided that the total principal amount of bonds, including\nrefunding bonds, outstanding at any time shall not exceed $200 million,\nexcluding from such limit any revenue bonds.\n\t\t\tAll of the bonds of one or more series of the bonds of the Authority at any\ntime outstanding may be refunded by the Authority by the issuance of its\nrefunding bonds in such amount as the Authority may deem necessary, but not\nexceeding an amount sufficient to provide for the payment of the principal of\nthe bonds so to be refunded, together with all unpaid interest accrued and to\naccrue and with any redemption premium thereon and all costs and expenses\nincident to the authorization and issuance of such bonds as determined by the\nAuthority. The proceeds of any such refunding bonds may, in the discretion of\nthe Authority, be applied to the purchase or retirement at maturity or\nredemption of such outstanding revenue bonds either on their earliest or any\nsubsequent redemption date or upon the purchase or at the maturity thereof, and\nmay, pending such application, be placed in trust in accordance with the\nprovisions of § 62.1-143 of this chapter to be applied to such purchase or\nretirement at maturity or redemption on such date as may be determined by the\nAuthority. All refunding bonds may have all of the attributes of revenue bonds\nto the extent that such other provisions of this chapter relating to revenue\nbonds may be applicable to refunding bonds.\n\nC. The principal of and the interest on all bonds issued by the Authority\npursuant to the provisions of this chapter shall be payable solely from the\nfunds herein provided for such payment. The bonds of each issue shall be dated,\nshall bear interest at the prevailing rate of interest at the time, shall mature\nat such time or times not exceeding forty years from their date or dates, as may\nbe determined by the Authority, and may be made redeemable before maturity, at\nthe option of the Authority, at such price or prices and under such terms and\nconditions as may be fixed by the Authority prior to the issuance of the bonds.\nThe Authority shall determine the form of the bonds, including any interest\ncoupons to be attached thereto, and shall fix the denomination or denominations\nof the bonds and the place or places of payment of principal and interest, which\nmay be at any bank or trust company within or without the Commonwealth.\n\t\t\tAll bonds shall be signed by the Executive Director of the Authority or shall\nbear his facsimile signature, and the official seal of the Authority or a\nfacsimile thereof shall be impressed or imprinted thereon and attested by the\nsecretary of the Authority, and any coupons attached thereto shall bear the\nfacsimile signature of the Executive Director of the Authority. In case any\nofficer whose signature or a facsimile of whose signature shall appear on any\nbonds or coupons shall cease to be such officer before the delivery of such\nbonds, such signature or such facsimile shall nevertheless be valid and\nsufficient for all purposes the same as if he had remained in office until such\ndelivery. All bonds issued under the provisions of this chapter shall have and\nare hereby declared to have all the qualities and incidents of negotiable\ninstruments under the negotiable instruments law of the Commonwealth. The bonds\nmay be issued in coupon or in registered form, or both, as the Authority may\ndetermine, and provision may be made for the registration of any coupon bonds as\nto principal alone and also as to both principal and interest, for the\nreconversion into coupon bonds of any bonds registered as to both principal and\ninterest, and for the interchange of registered and coupon bonds. The Authority\nmay sell such bonds in such manner, either at public or private sale, and for\nsuch price, as it may determine will best effect the purposes of this chapter.\n\t\t\tThe proceeds of the bonds of each issue shall be used solely for the payment\nof the cost of acquisition, construction, reconstruction and control of port\nfacilities or the portion thereof for which such bonds shall have been issued,\nor, in the case of refunding bonds, to refund such bonds including any unpaid\ninterest accrued and to accrue and any redemption premium thereon and all costs\nand expenses incident to the authorization and issuance of such bonds as shall\nbe determined by the Authority upon the issuance of such refunding bonds, and\nshall be disbursed in such manner and under such restrictions, if any, as the\nAuthority may provide in the resolution authorizing the issuance of such bonds\nor in the trust agreement hereinafter mentioned securing the same. If the\nproceeds of the bonds of any issue, by error of estimates or otherwise, shall be\nless than such cost, additional bonds may in like manner be issued to provide\nthe amount of such deficit, and unless otherwise provided in the resolution\nauthorizing the issuance of such bonds or in the trust agreement securing the\nsame, shall be deemed to be of the same issue and shall be entitled to payment\nfrom the same fund without preference or priority of the bonds first issued. If\nthe proceeds of the bonds of any issue shall exceed such cost, the surplus shall\nbe deposited to the credit of the sinking fund for such bonds, or, if such bonds\nshall have been issued for paying the cost of a portion of the project, such\nsurplus may be applied to the payment of the cost of any remaining portion of\nthe project.\n\t\t\tPrior to the preparation of definitive bonds, the Authority may, under like\nrestrictions, issue interim receipts or temporary bonds, with or without\ncoupons, exchangeable for definitive bonds when such bonds shall have been\nexecuted and are available for delivery. The Authority may also provide for the\nreplacement of any bonds which shall become mutilated or shall be destroyed or\nlost.\n\t\t\tThe Authority shall not issue any bonds, other than revenue bonds or any\nrefunding bonds issued by the Authority pursuant to the second paragraph of\nsubsection B of \u00a7 62.1-140, which are not specifically authorized by a bill or\nresolution passed by a majority vote of those elected to each house of the\nGeneral Assembly. Refunding bonds may only be issued with the consent of the\nGovernor. However, the Governor, in his sole discretion, may approve bonds which\nhave not been authorized by the General Assembly if such bonds are to finance\ncapital projects that emerge between legislative sessions, provided the debt is\nrequired to stimulate commerce consistent with \u00a7 62.1-132.3 and provided that:\n\n 1. The total amount of such bonds added to the total amount of Virginia Port\n Authority bonds currently authorized does not exceed the limit in §\n 62.1-140 B;\n\n 2. Funds are available within the appropriations, if needed, without adverse\n effect on other projects or programs, or from unappropriated nongeneral fund\n revenues or balances;\n\n 3. In the Governor’s opinion such action may result in a measurable\n benefit to the Commonwealth;\n\n 4. The authorization includes a detailed description of the project, the\n project need, the total project costs, the estimated operating costs, and the\n fund sources for the project and its operating costs;\n\n 5. The requirements of Chapter 11.1 (§ 10.1-1182 et seq.), Title 10.1,\n regarding environmental impact statements, will be met as a precondition for\n the approval of the project; and\n\n 6. The authorization of any such debt as provided for in this section shall be\n promptly communicated to the Chairmen of the House Appropriations and Senate\n Finance Committees.\n\nHISTORY: Code 1950, \u00a7 62-106.12; 1954, c. 667; 1958, cc. 174, 488; 1968, c.\n659; 1972, c. 423; 1981, cc. 589, 590; 1991, c. 246; 1993, c. 656.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}